Soup Market Value to Reach USD 19,655.9 Million by 2027 at 5.4% CAGR - Report by Market Research Future (MRFR)

Soups Market Size and Trends by Type (Dry, Wet, Others), by Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Others) and Region, Competitive Market Share and Global Forecast till 2027

New York, New York, UNITED STATES

New York, US, Aug. 11, 2022 (GLOBE NEWSWIRE) -- Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Soups Market Information by Type, Distribution Channel, and Region- Forecast till 2027”, the market is estimated to acquire a size of over USD 19,655.9 million by the end of 2027. The report further predicts the market to thrive at a healthy CAGR of over 5.4% during the review timeframe.

Market Scope:

All commercially available soups, including instant soups offered in the retail market, are included under the umbrella term "soup." When feeling under the weather, soups can help avoid stomach infections and also give one's immune system a boost. Many health-conscious people have switched to a soup diet because of the excellent and beneficial digestive characteristics that soup carries. Due to the superior quality and nutrients that fresh food gives, the majority of people choose freshly prepared meals or soups over canned food and soups. This information might hurt the market for canned soup. Preservatives are typically present in canned goods, and their high sugar and salt content can pose a health risk to consumers.

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 Report Scope:

Report AttributeDetails
2030 Market SizeUSD 19,655.9 Million
CAGR5.4% (2020–2027)
Base Year2019
Forecast Period2020-2027
Historical Data2018
Forecast UnitsValue (USD Million)
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Coveredby Type, Distribution Channel, and Region
Geographies CoveredNorth America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market DriversIncreasing Demand For Convenience Foods
Rising Consumption As A Meal Replacement

Competitive Dynamics:

The prominent market players of the global soup industry are

  • Bear Creek Country Kitchens LLC (U.S.)
  • Nestle (Switzerland)
  • Associated British Foods PLC (U.K.)
  • Conagra Brands Inc. (U.S.)
  • TSC Foods (U.K.)
  • Maruchan Inc. (U.S.)
  • Premier Foods (U.K.)
  • Campbell Soup Company (U.S.)
  • The Kraft Heinz Company (U.S.)
  • The Kroger Co. (U.S.)
  • AMY's Kitchen Inc. (U.S.)
  • General Mills Inc. (U.S.)
  • Unilever PLC (U.K.)
  • Symington's Ltd (U.K.)
  • Hain Celestial (U.S.)
  • Baxters Food Group Limited (U.K.)
  • Kettle Cuisine LLC (US)
  • The Original Soupman (U.S.)

Market Dynamics:

Market Drivers:

The market for soup is expanding as a result of the introduction of fresh, cutting-edge, and unique flavors by various soup producers. The demand and supply for soup are projected to increase globally because the majority of the working population prefers processed and ready-to-eat foods. The soup business has grown as a result of creative and adaptable packaging for small-scale use that provides individual servings for takeout, delivery, and order-in. A typical definition of soup is a heated liquid that contains components like green vegetables, beans, lentils, tomatoes, mushrooms, and meat. Rough soups are also a good source of vitamins, proteins, and minerals. Soup is considered to be one of the healthiest dishes and is simple to digest because it is made up of lighter and less complicated ingredients.

Expanding product categories, rising health and wellness product consumption, and aggressive marketing by market players are projected to fuel the soup industry's expansion over the medium term. The changing way of life is a reaction to the rising need for quick meals. Consumers' fast-paced lifestyles are complemented by soups' convenience as healthier and tastier supper options.

Additionally, businesses are increasingly creating container designs that are easy to use and discard as the demand for convenience food rises. In addition, the market for soup is projected to expand as a result of rising consumer desire for healthier eating options. Due to their ease of preparation and increased consumer demand for such goods as a result of busier lifestyles, instant, dehydrated, and ultra-high temperature soups are projected to dominate the soup market throughout the forecast period.

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Market Restraints:

However, the market expansion is hampered by rising competition, conventional methods, the availability of substitute products, the loss of vital micronutrients during processing, and governmental controls.

COVID-19 Analysis:

The global epidemic has had a significant impact on people's life. The COVID-19 pandemic crisis was primarily characterized by the loss of human life, the weakening of the political, social, and economic standing of the nations, and corporate losses. The main cause of the problem was indefinite lockdowns at the local, state, and national levels.

Despite the pandemic's impact on many industries, the food and beverage sector experienced significant demand. Since people were unsure when the pandemic would end, whether essentials would be available, etc., they began to panic buy food products, including long-lasting consumables, wholesome foods, essential household items, fruits, vegetables, flour, eggs, frozen food products, whole grains, and other things.

Although traditional supermarket and convenience stores lost customers, online sales increased. Business manufacturers are gradually moving toward this dynamic transition because to shifting consumer behavior and the shift to internet retailers. Throughout the projected period, the soup industry is anticipated to turn a profit.

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Market Segmentation:

By Type

According to type, the dry market is anticipated to grow because to its durability and simplicity of storing.

By distribution channel

Due to the convenience of one-stop shopping for customers, the supermarkets and hypermarkets segment is anticipated to develop significantly over the review period.

Regional Analysis:

According to data gathered in 2017, North America holds a market-dominant position in the worldwide soup market, accounting for a total of 37.4% of the sector. The North American economy in the soup sector has been strengthened by producers' growing desire to enhance current items and develop new products while taking consumers' interests into account.

By the end of the projection period, Europe is expected to be the second-most important area in the worldwide soup, with a CAGR of 2.60 percent. The European soup market has grown by 40% as more people are becoming aware of the benefits of living a healthy lifestyle, which includes converting from a whole meal to a soup diet.

The market for soups in the Asia-Pacific area has been significantly impacted by the rising demand for healthy food items and regional growth of the soup market in nations with emerging economies including China, Japan, Singapore, and India. The introduction of new, exotic tastes, new product launches, increased marketing campaigns by industry manufacturers, and disposable income levels have all been shown to be boosting the growth of the soup market throughout the rest of the world.

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